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2011-01-24

McDonald’s Likely to Raise Prices - Fast Food News

McDonald's, the world's largest restaurant chain, says it is likely to raise prices this year to help offset higher ingredient costs.

The U.S.-based company said Monday it expects food costs to rise 2 percent to 2.5 percent this year in the United States, which accounts for about one-third of sales. McDonald's also predicted that costs will increase 3.5 percent to 4.5 percent in Europe, its other major market.

The fast-food burger giant says it expects to raise prices to offset some, but not all, of the higher costs. But it also promised to ensure that any price increases will not hurt its popularity among diners looking for low-priced meals.

McDonald's also said its fourth quarter net profit rose 2 percent from a year earlier, to $1.24 billion, in line with market expectations. The company grew its U.S. market share last year, in part by expanding its menu.

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